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Friday, May 15, 2020

FG, States and LGAs share N606.196 billion in April

Uche Usim, Abuja

The three tiers of government shared N606.196 billion in April, a statement the Ministry of Finance, Budget and National Planning has said.

The figure, which is lower than N780.926 billion shared in March, was announced at the Federation Accounts Allocation Committee (FAAC) virtual meeting held on Thursday in Abuja.

The meeting was chaired by the Permanent Secretary of the Ministry, Dr. Mahmoud Isa-Dutse.

From this amount, inclusive of Value Added Tax (VAT), exchange gain, solid mineral revenue, excess bank charges and excess oil revenue, the Federal Government received N169.831 billon, the States received N86.140 billion, Local Government councils got N66.411 billion, while the oil producing states received N32.895 billion as derivation (13% Mineral Revenue).

However, cost of collection/refund for the Federal Inland Revenue Service (FIRS), allocation to North East Development Commission and transfer to excess oil revenue was N15.134 billion.

In a communique issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for April 2020 was N94.495 billion as against the N120.268 billion distributed in the preceding month of March 2020, resulting in a decrease of N25.772 billion. The distribution is as follows; Federal Government got N13.182 billion, the States received N43.941 billion, Local Government Councils got N30.758 billon.

The distributed Statutory Revenue of N370.411billion received for the month was lower than the N597.676 billion received for the previous month by N227.265 billion.

The communique also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

The total revenue distributable for the current month (including cost of collection to the Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS) according to the committee is N606.196 billion.

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